Saudi Arabia's Arab-China business conference inks over $10B in deals

A business conference aimed at boosting ties between China and the Arab world concluded in Saudi Arabia on Monday, resulting in several deals between Saudi and Chinese entities and renewed momentum for China’s push into the Middle East.

The Arab-China Business Conference was held in Riyadh on Sunday and Monday. The conference featured various panels, workshops and networking sessions on energy, finance, mining, pharmaceuticals and more. Among the speakers were representatives of various Saudi and Chinese entities, as well as the governments of Bahrain and Egypt.

The conference resulted in more than 30 investment agreements worth more than $10 billion being signed. The following is a list of some of the deals, according to the official Saudi Press Agency:

• The Saudi Ministry of Investment and Chinese electric vehicle manufacturer Human Horizons signed a $5.6 billion deal to form a joint venture to develop, manufacture and sell vehicles. The firm manufactures vehicles in China under the name HiPhi.
• The Saudi AMR ALuwlaa Company signed a $533 million deal with Hong Kong’s Zhonghuan International Group to build an iron factory in the kingdom.
• The Saudi ASK Group and the China National Geological & Mining Corporation signed a $500 million cooperation deal on copper mining in Saudi Arabia.
• The Saudi Investment Ministry and the Hong Kong Android developer Hibobi signed a $266 million deal to develop mobile applications related to tourism and other unspecified sectors.
• The Saudi Al Safwa Building Company Limited signed a $266 million deal with China Gezhouba Group International Engineering Co., Ltd., and Top International Engineering Corporation Arabia, Ltd., on building construction in Saudi Arabia.
• The Saudi railway industry firm SABATCO signed a $250 million deal with the state-owned China Railway Construction Corporation to build train carriages in Saudi Arabia.
• The Saudi ministries of investment and industry signed a $150 million with China’s Sunda to produce calcium chloride, chlorine and other chemicals in the kingdom.